Mixed VAT and VAT returns etc
Question asked by Alistair Wood 6 years ago
I have a property development company where some supplies are exempt and some are zero rated (exempt is classed as non vatable supply and zero rated is classed as vatable supply at 0%). What that means is I can reclaim input VAT on the goods and services which are specifically for the zero rated supply and I can reclaim a proportion of the VAT on the general overheads to the proportion of zero rated supplies overall. Can you tell me how I would best manage this within Clearbooks where I want to be able to submit VAT returns to HMRC? I am also going to be using the CIS functionality in case that makes any difference as the CIS amounts need to be accounted for EXCLUDING the vat so that might limit options.